Core Insights - JD.com continues to be the primary platform for consumers purchasing home appliances during this year's Double 11 shopping festival, with data from the platform becoming increasingly valuable for assessing brand competitiveness [1] - Haier Smart Home (600690) has emerged as a leader in the Double 11 sales, driven by a focus on user needs and delivering higher user value [1][3] User-Centric Approach - The Double 11 event is experiencing a significant shift from being platform-driven to user-driven, with Haier Smart Home concentrating on user demands rather than competitors [3] - Haier's product innovations, such as the AI-powered 512Ultra refrigerator and the cloud washing and drying set, address specific user pain points, enhancing the overall user experience [4] Enhanced User Experience - This year's extended Double 11 period tests brands' comprehensive competitive capabilities, with Haier Smart Home emphasizing user value throughout the entire shopping experience [7] - The collaboration with JD.com has led to improved service quality and efficiency, as well as expanded brand exposure across various cities [8] Innovative Engagement Strategies - Haier Smart Home launched a unique live streaming event in partnership with CCTV, which resulted in a 51% year-on-year growth in sales during the Double 11 period, securing the top position in the home appliance category [7] - The "crowd testing" initiative during Double 11 allowed nearly 500 product experts to interact with users, providing professional insights and gathering feedback for future product enhancements [8]

Core Insights - This year's Double 11 shopping festival sees e-commerce platforms adopting "official discounts/single item direct reductions" as the main promotional strategy, simplifying the purchasing process for consumers and allowing them to focus more on product selection [1] - The home appliance industry is increasingly favoring brands with strong product and service capabilities, as evidenced by Haier's leading sales performance across multiple categories during the event [1] - Haier's success is attributed to its long-term commitment to "user thinking," which includes product innovation, interaction optimization, service upgrades, and rights protection, aligning with industry trends and consumer needs [1] Product Highlights - Haier's AI-driven products address consumer pain points, with the Cloud Creek Wash-Dry 4.0 Pro set achieving top sales in the washing machine category due to its efficient cleaning and drying capabilities [3] - The Haier Mairang refrigerator, featuring award-winning preservation technology, ranks first in the high-end refrigerator segment, while the Haier Big Mouth C61 Pro range hood leads the new product rankings in the subsidized category [3] Marketing and User Engagement - Haier focuses on high-quality content to enhance user trust, involving nearly 500 influencers in live demonstrations to showcase product capabilities [4] - Collaborative events like "Challenge New Possibilities" with CCTV allow consumers to witness the performance of Haier's products under extreme conditions, reinforcing the brand's technological strength [4] Service and Customer Experience - Haier has improved service efficiency through digital transformation, ensuring prompt delivery and installation across a wide geographic area, including rural regions [5] - The company has launched promotional campaigns tied to partnerships with major football clubs, offering consumers opportunities to win prizes and enhancing engagement with sports fans [5] Strategic Outlook - The Double 11 event emphasizes the importance of product strength, brand power, marketing innovation, and user engagement for brands to succeed in a competitive landscape [7] - Brands that align closely with consumer needs and preferences are likely to see increased order volumes as a form of consumer endorsement [7]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][10]. Core Insights - The company reported a net profit increase of 15% year-over-year for Q3 2025, with domestic business growth performing well despite industry challenges [5][8]. - The company's revenue for Q3 2025 reached RMB 775.6 billion, reflecting a 9.5% year-over-year growth, while the net profit for the same period was RMB 53.4 billion, up 12.7% year-over-year [8]. - The report highlights the company's strong performance in the domestic market, with a 10.8% increase in revenue compared to the industry average decline of 3.2% [8]. Financial Performance Summary - The company achieved a total revenue of RMB 2,340.5 billion for the first three quarters of 2025, with a year-over-year growth of 10% [8]. - The projected net profits for 2025, 2026, and 2027 are RMB 21.66 billion, RMB 23.72 billion, and RMB 26.29 billion, respectively, with year-over-year growth rates of 15.56%, 9.54%, and 10.81% [7][8]. - Earnings per share (EPS) are expected to be RMB 2.31, RMB 2.53, and RMB 2.80 for the years 2025, 2026, and 2027, respectively [7][8]. Market Position and Strategy - The company is actively expanding its overseas business, with a year-over-year revenue growth of 8.3% in Q3 2025, despite a challenging environment in North America [8]. - The report notes that the company's high-end brand, Casarte, saw an 18% revenue increase, while its budget-friendly brand, Leader, experienced a 25% revenue growth [8]. - The company is focusing on digital transformation and cost optimization, leading to a slight decrease in management and research expenses [8].

Market Overview - The white goods sector experienced a decline of 0.85% on November 3, with Midea Group leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Aokema (600336) saw a closing price of 7.30, with an increase of 3.11% and a trading volume of 241,300 shares, totaling 174 million yuan [1] - TCL Smart Home (002668) closed at 11.03, up 1.29%, with a trading volume of 419,700 shares, amounting to 459 million yuan [1] - Midea Group (000333) closed at 75.39, down 1.32%, with a trading volume of 282,000 shares, totaling 2.132 billion yuan [1] Capital Flow Analysis - The white goods sector saw a net outflow of 559 million yuan from institutional investors, while retail investors contributed a net inflow of 510 million yuan [1] - Among individual stocks, Hisense Home Appliances (000921) experienced a net outflow of 35.42 million yuan from institutional investors [2] - Aokema (600336) had a net inflow of 17.79 million yuan from institutional investors, while retail investors contributed a net inflow of 4.70 million yuan [2]

Core Insights - The Double 11 shopping festival has evolved from a simple promotional event to a multifaceted consumer experience that emphasizes practical needs, self-satisfaction, social co-creation, and brand engagement [1] - Haier has achieved significant sales growth during Double 11, with a 51% year-on-year increase and a 191% month-on-month increase, leading in various appliance categories [2] - The trend of social co-creation is reshaping brand marketing from one-way communication to two-way engagement, with Haier inviting users and influencers to participate in product testing and feedback [3][4] Product Strategy - Haier's product offerings align with the dual demands of practicality and self-satisfaction, exemplified by innovations like the "Mai Lang" refrigerator and "Lazy Wash" washing machines that address specific consumer pain points [1][2] - The introduction of high-end product lines and aesthetically appealing designs caters to younger consumers, enhancing both functionality and visual appeal [2] Brand Development - The shift from price competition to value competition highlights the importance of original technology as a core brand asset, with Haier focusing on innovative technologies that directly address consumer needs [5][6] - Haier's global R&D system leverages a vast network of experts to meet diverse market demands, ensuring that products are tailored to local preferences while maintaining a unified brand identity [7] Consumer Engagement - The interactive product testing events allow consumers to directly engage with products, providing transparent and professional evaluations that enhance purchasing confidence [4] - The emphasis on technology-driven quality experiences and brand trust is seen as a key factor in retaining customers beyond promotional events [8]

转自：智通财经 此次荣获ESG"致远奖"，主要得益于海尔智家在绿色发展方面的持续探索。依托6-Green战略，海尔智 家构建起产品全生命周期绿色管理体系。以海尔莱西再循环互联工厂为例，依托行业首个"回收-拆解- 再生-再利用"全链路闭环体系，其废旧家电的精细化拆解比行业增值30%，产出的循环新材料纯度高达 99.9%，目前该工厂已获得绿色工厂认证。10月初，海尔再循环德国K展全球首发家电循环闭环体系， 率先实现了从家电到汽车再到家居、日化等领域的高质循环应用，为全球家电行业树立了可借鉴的实践 样板。 事实上，不止是绿色发展领域，目前海尔智家已将ESG理念全面融入全球全产业链布局。其在环境、社 会及治理三大维度的综合表现已达到全球同行业领先水平，并持续获得国内外资本市场对其长期投资价 值的广泛认可。在社会价值方面，海尔连续9年入选福布斯全球最佳雇主。在公司治理方面，海尔智家 构建起员工与用户价值共享的生态网络。2024年，海尔智家实现100%的工会覆盖率和集体合同签订 率。 除了此次入选"致远奖"外，海尔智家的ESG实践已获得华证指数、中诚信等海内外机构的认可。在国际 ESG评级中，海尔智家在MSCI、路孚特的 ...

Core Insights - The 80th anniversary celebration of Candy, a brand under Haier Smart Home, took place in Milan, highlighting the brand's commitment to "heritage and innovation" and showcasing its upcoming products, particularly the global launch of the three-tub washing machine [1] Group 1: Brand and Product Innovation - The anniversary event featured an art exhibition that combined art and technology, showcasing ten original works by Italian artist Mattia Balsamini alongside iconic Candy products, creating a dialogue between art, design, and industrial memory [2] - A dedicated immersive experience space was created to visually demonstrate the new three-tub washing machine, utilizing LED dynamic visuals and sound to illustrate the innovative concept of simultaneous operation for different types of laundry [3] - The three-tub washing machine features a unique design with a 10kg large tub and two 1kg small tubs, along with three independent water systems, addressing the need for precise laundry separation in the European market [3] Group 2: Market Position and Strategy - The 80th anniversary event is part of Candy's strategy to deepen its local presence in Europe, which includes various promotional activities to strengthen emotional connections with consumers and enhance brand influence [4] - Since joining Haier in 2019, Candy has leveraged global R&D resources and supply chain advantages to introduce differentiated innovative products, such as the Pro Wash 700 washing machine, which meets the A-40% energy efficiency standard and significantly reduces energy and water consumption [4] - Candy holds the top market share in Italy for its brand and tumble dryer sales, and it is recognized as the leading brand in connected appliances in Europe, indicating strong market acceptance and recognition [4]

Core Insights - Haier's three-tub washing machine was officially launched in the Italian market, filling a gap in the high-end laundry sector [1] - The innovative design features a "10kg large tub + dual 1kg small tubs" configuration, addressing common industry pain points such as color mixing and time-consuming washing processes [1][2] - The global rollout of the three-tub washing machine is part of Haier's strategy to deepen its local market presence and cater to diverse regional needs [2] Group 1 - The launch event in Milan received significant media attention and positive feedback from industry leaders and customers [1] - The three-tub washing machine incorporates advanced features like intelligent detergent dispensing and AI smart washing, enhancing user experience [1] - Haier has established itself as the first Chinese brand to export three-tub washing machines, showcasing its commitment to innovation in design and functionality [1] Group 2 - Following its debut in Italy, the three-tub washing machine will be introduced in France, Spain, Poland, and the UK between late November and mid-December, with plans to expand to the Middle East and Africa by January 2026 [2] - Haier has tailored various high-end products to meet specific regional demands, such as a large-capacity washing and drying machine in Southeast Asia and a washing machine with a "long robe washing program" in the Middle East [2] - Haier washing machines have maintained the top sales position globally for 16 consecutive years and are recognized as the leading Chinese brand in Europe [2]

Core Insights - The 2025 International (Wuhan) Smart Construction Industry Expo emphasizes the theme of "Developing Industrial Internet, Co-creating 'Good Houses'" to promote smart living solutions [1] - The company Sanwing Bird showcases comprehensive smart home solutions that enhance user experience and redefine the concept of a "good house" [1][2] - Sanwing Bird has accumulated over 13 million monthly active users, indicating strong market acceptance and user engagement [1] Smart Home Solutions - Sanwing Bird integrates smart technology throughout the home, providing seamless experiences in various spaces such as entryways, living rooms, balconies, and kitchens [1] - The smart home experience is designed to be intuitive, allowing users to control devices with simple commands or even without speaking, enhancing convenience [2] - The company has connected over 6,600 ecological partners and 52 million devices, enabling customized scenarios for users [2] Energy Efficiency and Smart Building - The smart building segment features advanced technologies like magnetic levitation central air conditioning and AI multi-link systems, achieving significant energy savings [3] - The dual breakthrough in energy efficiency includes a 50% reduction in device energy consumption and an additional 20% savings through AI algorithms that analyze various data [3] - Sanwing Bird's smart design platform streamlines the home design process, offering over 15 million layouts and 29,000 plans, making it easier for users to create their ideal smart home [3]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company reported a revenue of 77.56 billion RMB in Q3 2025, representing a year-on-year increase of 9.5%, and a net profit of 5.34 billion RMB, up 12.7% year-on-year. The first three quarters of 2025 saw a total revenue of 234.05 billion RMB, a 10.0% increase year-on-year, with net profit reaching 17.37 billion RMB, up 14.7% year-on-year [1][2]. - The company has demonstrated resilience in domestic sales, achieving a 10.8% year-on-year growth in Q3 2025, despite a general decline in the home appliance market [2]. - The overseas revenue grew by 8.25% year-on-year in Q3 2025, with significant contributions from North America and emerging markets [3]. - The company’s gross margin for the first three quarters of 2025 was 27.2%, reflecting a slight increase due to cost control measures and a focus on high-end branding in overseas markets [4]. - The profit forecast for 2025-2027 has been revised upwards, with expected net profits of 21.58 billion RMB, 23.81 billion RMB, and 26.22 billion RMB respectively [5]. Summary by Sections Domestic Performance - The company achieved a 10.8% year-on-year revenue growth in Q3 2025, driven by strong performance in home air conditioning, which saw over 30% growth [2]. - The overall home appliance market in China faced a 3.2% decline in retail sales, highlighting the company's ability to outperform the market [2]. Overseas Performance - The company’s overseas revenue increased by 8.25% year-on-year in Q3 2025, with North America showing stable growth despite a cautious consumer environment [3]. - In Europe, the HVAC business saw over 30% revenue growth, and the company gained market share in key countries [3]. - Emerging markets, including South Asia and the Middle East, experienced significant growth, with revenue increases of over 25% and 60% respectively [3]. Profitability and Cost Management - The company’s gross margin improved to 27.2% in the first three quarters of 2025, attributed to effective cost management and a focus on high-end products [4]. - The report noted a decrease in sales expense ratio to 10.6%, indicating improved operational efficiency [4]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted upwards, with net profits expected to reach 21.58 billion RMB in 2025, reflecting a 15.16% growth [5]. - The target price for A-shares is set at 35.56 RMB, based on a 14x PE ratio for 2026, while the target price for H-shares is 33.09 HKD [5].